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Plug Power stock rallies after wider-than-expected loss but revenue rose above forecasts

U.S. stock futures turn around and now point to opening gains

Shares of Plug Power Inc.
PLUG,
+2.33%
rallied 1.8% in premarket trading Tuesday, after the hydrogen fuel cell company reported a wider-than-expected first-quarter loss but revenue that rose above expectations as product revenue more than doubled. The net loss for the quarter to March 31 was $60.75 million, or 12 cents a share, after a loss of $37.45 million, or 12 cents a share, in the year-ago period. The FactSet consensus for per-share loss was 8 cents. Revenue jumped 76.3% to $71.96 million, above the FactSet consensus of $71.50 million. Sales of fuel cell systems and related infrastructure increased 128.5% to $46.77 million, and product gross margin improved to 38%, despite unusually high freight costs, from 32%. The stock has dropped 12.0% year to date through Monday but has soared 435.9% over the past 12 months. The S&P 500
SPX,
+1.40%
has gained 12.5% this year and rallied 35.5% over the past year.

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Julia has handled various businesses throughout her career and has a deep domain knowledge. She founded Stock Market Pioneer in an attempt to bring the latest news to its readers. She is glued to the stock market most of the times and just loves being in touch with the developments in the business world.

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